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KB Home Stock Jumps 10% On Quarterly Results

Shares of KB Home (KBH) are gaining over 10% on Thursday morning driven by the homebuilder's fourth-quarter results. KBH is currently trading at $46.79, up $4.41 or 10.41%, on the NYSE. The stock has traded between $34.55 and $52.48 in the 52-week period.

KB Home's fourth-quarter profit rose from last year, as revenues surged 40% reflecting increase in homes delivered and selling price.

Fourth-quarter profit rose to $174.2 million or $1.91 per share, up from $106.1 million or $1.12 per share last year. Analysts polled by Thomson Reuters estimated earnings of $1.76 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter surged 40% to $1.68 billion from $1.19 billion last year. Analysts had a consensus revenue estimate of $1.71 billion for the quarter.

The company said homes delivered for the quarter rose 28% to 3,679, while average selling price increased 9% to $451,100.

Looking forward to the full year 2022, the company expects housing revenues in the range of $7.20 billion to $7.60 billion and average selling price of $480,000 to $490,000.

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